Chinese shipbuilders are gearing up to build liquefied natural gas (LNG) tankers as the government approves more projects to import the fuel. China's first home-built LNG tanker will be completed in November by Shanghai's Hudong-Zhonghua Shipbuilding Co, which has orders for three more at about $200 million apiece. Another three Chinese shipmakers are ready to build the tankers, the most complex and expensive type of cargo carrier. Next month, China will receive its first cargo of LNG in Guangdong from Australia amid plans to double gas use by 2010 to curb coal pollution. The country is developing its domestic shipbuilding industry to secure transportation of imported raw materials for the expanding economy. China's shipyards plan to double capacity by 2010 as they compete with rivals in South Korea and Japan for market share. Shipowners spent $71.5 billion on new vessels last year, 6.3 percent less than in 2004, as record prices curbed orders for container ships, dry-bulk carriers and tankers. (Source: Bloomberg)
CNOOC Ltd.’s unlisted parent company plans to start deep water oil and gas exploration in the South China Sea with Canada's Husky Energy Inc. next year, according to AP report. If the scheduled exploration finds sizable reserves in a bloc in the South China Sea about 185 miles south of Hong Kong, it will be China's first deep water oil and gas field. CNOOC's parent company is currently restricted to pumping oil and gas offshore at no deeper than 350 m
Shaanxi province plans to build China's first hinterland international intermodal transit hub port to link the overland international freight route [see map] which they dub a new 'silk road', reports Xinhua. The proposed Xian Hinterland International Transit Hub Port will focus on international logistics transit business and develop itself into a strategic pivot offering services between China's east coastal and western regions.
A young naval officer will soon become the Republic of China's first female warship captain after completing a series of stringent training and grueling tests. Naval Lt. Commander Hsieh Ai-chieh, 30, will set a precedent in the Navy of the Republic of China to lead the 500-ton domestically-developed Chinchiang-class auxiliary warship. Hsieh, growing up in central Changhua County, passed her opportunity to enter one of the top universities in 1944.
Argentina signed deals on Friday to borrow $7.5 billion from China at a time when the Latin American country cannot tap global capital markets because of disputes over unpaid debt. Among the deals signed, Argentine President Cristina Fernandez and her Chinese counterpart, Xi Jinping, agreed on a loan for $4.7 billion from the China Development Bank for the construction of two hydroelectric dams in Patagonia
More than half a century of family division ended in hugs and tears of joy on Tuesday after the first mainland Chinese ship to sail legally to Taiwan since 1949 arrived at the heavily-fortified island of Quemoy. The China-registered Gulangyu, or Piano Island, docked to be welcomed by the sounds of gongs, drums and firecrackers, in another sign of rapprochement efforts between the long-term adversaries. Aboard the passenger ferry were 80 elderly Quemoy natives stranded on the mainland since
Sinopacific Shipbuilding Group (SINOPACIFIC), has recently signed a contract with a Mexican shipping company, Naviera Petrolera Integral S.A. de C.V. for the construction of 3 (three) SPP17A vessels. All vessels will be built in SINOPACIFIC’s Zhejiang Shipyard and are expected to be delivered before the end of 2015. Following that, the new vessels will be used by PEMEX, Mexico’s largest governmental owned oil company
Wärtsilä to supply dual fuel main engines for two environmentally sustainable tugs being built by China National Offshore Oil Corp subsidiary The tugs are being built for CNOOC Energy Technology & Services Limited (CETS), a subsidiary of the state-owned China National Offshore Oil Corp. (CNOOC). The vessels are the first in a planned series to be fuelled by liquefied natural gas (LNG), and will be the first tugs in China ever to be operated on gas
North China's Hebei Province recently opened the first direct cargo route to Taiwan when a cargo of 36,000 tonnes of coal left Qinghuadao Port for Taiwan Direct trade routes between China & Taiwan have been frozen for a number of years. The Wuxing 6 bulk carrier left Qinghuadao Port, China's largest coal transfer port, for the Taitung and Kaohsiung ports in Taiwan, Tuesday marking the first cargo shipment between Hebei and Taiwan.
China's shipbuilding industry faces a severe test in today's sluggish global market China's shipbuilders finished 22.53 million dead weight tons of shipbuilding orders in the first five months this year, a decrease of 10.1 percent year-on-year. New ship orders amount to 9.54 million DWT, a fall of 47.3 percent year-on-year. The total industrial output value of China's shipbuilding industry reached 240.6 billion yuan ($38
Sixteen workers were killed after a coal mine collapsed in China's far western region of Xinjiang, the official Xinhua news agency reported on Saturday, highlighting the poor safety standards in the world's biggest coal producing country.
UASC expects to reach volume of 2.35 mln TEU in 2014 Global carriers still struggling with weak conditions United Arab Shipping Company (UASC) is on a major expansion drive, investing more than $2 billion in bigger ships and forming alliances with peers to boost efficiencies and
* Middle East supply remains strong * Equities fall on confirmed case of Ebola in New York * Economists see gloomy 2015 for China, euro zone - Reuters poll * Commerzbank cuts price forecast on bearish OPEC signals (Updates prices, adds Middle East supply)
China's top diplomat to visit Vietnam again amid sea dispute China's top diplomat will visit Vietnam next week, China said on Friday, five months after he last visited during a period of tension over a Chinese oil drilling rig working in part of the South China Sea both countries claim.
The economic news from China this morning were somewhat comforting but highlights that the economy activity in the world’s largest economy is certainly slowing down, reports BIMCO. Behind the headline GDP, other economic indicators such as industrial production
Temporary suspension of Central China (CC2) Service / All ports covered by other G6 services In response to seasonal changes in market demand, the members of the G6 Alliance announced the temporary suspension of their Central China (CC2) service between Asia and the U.S
China and Vietnam have agreed to "address and control" maritime disputes, state media said on Friday, as differences over the potentially energy-rich South China Sea have roiled relations between the two countries and other neighbors.
Rates for capesize bulk carriers on key Asian routes are again likely to fall as the volume of tonnage limits any price gains from an increase in chartering activity, brokers said. Freight rates for a voyage from Australia to China have steadily fallen since Sept
Carnival Corporation & plc the world’s largest cruise company, today announced it has signed a memorandum of understanding (MOU) with the China State Shipbuilding Corporation (CSSC) to explore the possibility of a joint venture aimed at accelerating the development and growth of
MacGregor has signed a new series of deck machinery orders for 12 vessels with the China-based Sinopacific Shipbuilding Group. This builds on a track-record of contracts that now stands at 150 shipsets of equipment successfully delivered and installed at Sinopacific yards
Chairman Mario Cordero announced that the Federal Maritime Commission has completed compromise agreements recovering a total of $503,000 in civil penalties. The agreements were reached with five non-vessel-operating common carriers (NVOCCs)
The port of Shanghai, the largest in the world, and the port of Antwerp, the second-largest in Europe, are to collaborate more closely. A Memorandum of Understanding (MoU) was signed to this effect during the recent trade mission to Shanghai
The future of EU–China relations, the country’s investment in Europe as well as sustainable growth and environmental protection in the Chinese economy were just some of the topics on the agenda at the 6th Hamburg Summit last weekend
Uganda will auction new oil exploration acreage by December and compensate land owners at the site of a planned crude oil refinery, a government official said on Friday. Investor interest in Uganda's hydrocarbons potential has been growing since the east African country discovered
A Chinese fisherman was killed on Friday in a South Korean coastguard operation to apprehend his vessel which was operating illegally off South Korea's west coast, the South Korean coastguard said, drawing an angry response from China. Coastguard officers fired eight bullets when they raided